Evercore Partners announced today that it has begun to roll out a new equities research group that will focus on telecommunications, media and technology and financial industries.
The new group, which is expected to begin its coverage of the sectors during the third quarter, will include 10 newly hired “seasoned analysts,” a June 26 press release said.
Collectively, four research analysts will assist with financial institutions coverage, whose launch date is scheduled for September and October. And six will be indebted to telecommunications, media and technology, which will be built out from August through September, the statement said.
Charles Myers, head of Evercore’s institutional equities business, said in the announcement that the international investment banking firm sees great promise that will put it “in a position to deliver the high quality, objective research content [it has] committed to [its] institutional clients.”
“We are now singularly focused on broadening our client relationships and generating investment ideas and insights for these clients,” Meyers said in the release while also highlighting that the latest hires are the “core” of the equity research team.
Last month, Evercore announced that it would establish the institutional equities arm. At the time, the firm said that it had received the required “regulatory approvals and completed the build-out of its sales, trading and operational infrastructure.”
Alternately, to bolster this new initiative, it said that it would also introduce the new equity group by the second half of the year as a supplement to the business.
Today, Evercore also stated that it plans to expand its coverage to insurance, capital markets, REITS, software, hardware and semi-conductors. It said that it hopes to build out its offerings not only through strategic capacity “but opportunistically,” the release said.
“We have assembled an exceptionally high quality team of research analysts that share Evercore's commitment to deliver independent investment ideas to clients and to provide research coverage of important companies in these two critical sectors,” said Ralph Schlosstein, Evercore's president and CEO, said in the statement. “While we expect an initial investment period in the early stages of this business, we anticipate this business will be a meaningful contributor to Evercore's earnings over time.”
Currently, the firm utilizes its investment banking and investment management divisions to serve its diverse client base in a professional services capacity. It has offices in New York, Boston, Houston, Los Angeles, San Francisco, Washington D.C., London and Mexico.